Safepoint targets $1.16 billion valuation in U.S. IPO

Investing.com -- Safepoint said on Tuesday it was targeting a valuation of up to $1.16 billion in its U.S. initial public offering as the insurer looks to capitalize on improving conditions in Florida's property insurance market.

The Tampa, Florida-based company and some of its backers are seeking to raise up to $283.3 million by offering 16.7 million shares priced between $15 and $17 apiece.

Safepoint announced it has launched the roadshow for the offering, which includes 6.2 million shares from the company and 10.4 million shares from selling stockholders.

The company's common stock has been approved for listing on the New York Stock Exchange under the ticker symbol SFPT, subject to official notice of issuance.

Founded in 2013, Safepoint is a property and casualty insurer focused on delivering insurance in coastal markets such as Florida and Louisiana.

Florida has become more attractive to property insurers following reforms implemented in 2022. The reforms have resulted in a significant drop in litigation claim frequency, drawing new entrants to the market. The state had previously been challenging for U.S. property insurers due to high litigation and exposure to natural disasters.

Deutsche Bank Securities and Morgan Stanley are acting as joint lead book-running managers for the offering. Keefe, Bruyette & Woods, Citizens Capital Markets, Piper Sandler, Truist Securities and William Blair are acting as bookrunners.

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